The Equipment Leasing Q

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The new Disaster Recovery Program (DRP) connects businesses with instant equipment financing to rebuild after natural disasters

BOSTON (Oct. 10, 2017) – Responding to the ongoing devastation of Hurricanes Nate, Irma and Harvey, LeaseQ is offering equipment financing with no payments for 90 days for business owners needing to quickly replace equipment in the wake of the natural disasters. Multiple lenders are partnering with LeaseQ to offer the payment deferral program, including Fidelity Capital, American Capital and Financial Pacific. For additional information, please visit www.leaseq.com.

Nearly four in 10 small businesses close forever after a flood, according to the Federal Emergency Management Agency (FEMA). While alternative lenders are still estimating the impact of recent hurricanes on small and medium-sized enterprise (SME) loans, Moody’s Analytics expects total property damage and losses from the storms will exceed $150 billion.

“People need to rebuild their businesses now, but insurance may not cover equipment and the typical financing process is too slow,” LeaseQ CEO Vernon Tirey said. “Our vision for LeaseQ has always been to make equipment financing easy, fast and more cost effective, and with the help of our lender partners, we strive to help businesses quickly repair, replace and resume operation after natural disasters.”

“We’re proud to partner with LeaseQ to support businesses affected by Hurricanes Nate, Irma and Harvey,” said Terey Jennings, executive vice president at Financial Pacific Leasing. “Equipment fuels growth, and we have a responsibility to make sure small businesses have the equipment they need to be successful, especially those recovering from a natural disaster.”

For businesses in FEMA declared disaster areas seeking assistance through the LeaseQ Disaster Recovery Program (DRP), please call (888) 688-4519 or fill out a contact form at www.leaseq.com. Lender conditions vary. Program subject to credit approval.

About LeaseQ
LeaseQ is an online marketplace connecting businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. Learn more at www.leaseq.com.

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Vernon Tirey, founder and CEO of LeaseQ, was recently featured in a Pumper Magazine article about the benefits of equipment financing for septic trucks. In the article, Vernon explains the advantages to buying outright and financing pumper trucks, saying:

The main advantage of paying cash for a truck, according to Tirey, is that you’re not paying interest. “It’s just like when you pay cash for a car,” he says. “It’s yours, and you don’t owe any interest or fees to the bank. The disadvantage of purchasing is that you won’t have that cash to, say, invest in marketing, expand your business, hire workers or save for a rainy day.”

Those looking at leasing or loaning a pumper truck should shop around. There are lenders for every business size and every class and type of truck, according to Tirey. “These lenders specialize in their specific verticals and speak the operator’s language,” he says.

So, why would anyone choose to pay interest on a truck if they have enough liquid cash? Tirey says it’s not always that simple and that smart business owners often finance trucks to preserve cash. “Equipment purchases made with cash are made with after-tax dollars, while monthly lease or loan payments are considered a pretax business expense. Equipment financing is the first financing any business owner should put in place. A financed truck generates revenue to service the debt and produce positive cash flow. It pays for itself over time.”

To read the rest of Vernon’s advice in this Pumper Magazine article, please visit: http://bit.ly/2jrTYLA

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BrettName:

Brett Rondeau

Title:

Associate Director, Business Development

Office nickname (if applicable):

The Hitman (In reality I’ve only been called this about 3-4 times by our funding manager based on Bret Hart)

Where are you from, originally?

Cranston, RI

How did you find LeaseQ?

Through AngelList

What do you like most about working at LeaseQ?

All my co-workers are great, but the team I am on works really well together and makes me look forward to coming into work each day.

What’s your dream deal for LeaseQ?  

To be able to develop a relationship with Lockheed Martin

What apps/tech/tools do you use on a daily basis?

Fantasy Sports Apps, Instagram, Snapchat, and of course, Salesforce at work

Any (other) work or life hacks you’d like to share? 

You get back what you put in.  I think this applies to every aspect of life.  Work, self, relationships…etc.

Favorite movie ever (independent of IMDB ratings):

I am a huge movie guy, so it is hard to limit it to just one, but anything by Scorsese or Tarantino, or anything that involves Leo.

Favorite activities when you’re outside the office? 

Golfing, hanging with friends, and crushing Netflix

Fill in the Blank: I’d love to see my coworker_Brandon Echevarria_answer these questions.

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Provide equipment financing and other loan products to restaurant industry faster than any bank

BOSTON (Sept. 12, 2017)LeaseQ, an online marketplace connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today announced a national partnership with ARF Financial, the only FDIC-compliant financial lender that provides short-term, unsecured business loans and lines of credit for restaurant/hospitality business owners and retailers nationwide.

“We are unique in having our own sales organization, and LeaseQ gives our loan consultants around the country a lease product with instant quotes,” ARF Financial CEO Steve Glenn said. “Now we are a one stop lender offering additional products to satisfy our customers funding needs for their businesses.”

Innovations in the equipment finance industry will continue to increase flexibility and convenience for customers, according to the Equipment Leasing and Finance Association’s (ELFA) Top 10 Equipment Acquisition Trends for 2017. Automation fuels advances in instant quotes, soft credit pulls, same-day approvals, one-day funding and blockchain for secure, multi-party transactions – many of which are available today through LeaseQ and ARF Financial.

“You can finance a car in an hour, but not a walk-in freezer to start or expand a restaurant,” said Vernon Tirey, co-founder and CEO of LeaseQ. “One-day funding is a trendy thing to say in equipment financing, but when the restauranteur or hotel manager presses the button to get financing, it has to work. We’re advancing our technology and partnering with lenders like ARF Financial who understand the value of automation to make it happen.”

LeaseQ and ARF Financial offer automated, flexible equipment financing for hospitality merchants who are frustrated with the time it takes to get a bank loan, or who cannot get a bank loan at all, including those:

Expanding a facility
Upgrading equipment
Adding a location and renovating the property
Managing working capital, and more

There are currently 150 lenders on the LeaseQ platform serving 28 vertical markets. Learn more at www.leaseq.com.

About LeaseQ
LeaseQ is an online marketplace connecting businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. Learn more at www.leaseq.com.

About ARF Financial
ARF Financial LLC is a California licensed lender that sources short-term business loans and lines of credit for restaurant/hospitality and retail merchants nationwide. Since 2001, ARF has filled the void between traditional bank financing and less attractive venues of obtaining capital, giving merchants the ability to maintain control of their business, be more profitable and meet their financial goals. The company is managed and staffed by industry veterans with extensive experience in restaurant finance and small to medium retail industries.

For more information on their services, visit their website at www.arffinancial.com. You may fill out their contact form at www.arffinancial.com/contact, call 1-866-702-4430, or send an email to funding@arffinancial.com for inquiries.

MEDIA CONTACT: McKenzie Mayer
Matter | 617.391.9896
leaseq@matternow.com

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Vernon Tirey, founder and CEO of LeaseQ, recently penned a feature article for Equipment Finance Advisor that discusses the third wave of equipment financing – One-Hour Funding.

In the article, Vernon breaks down the three waves of equipment financing and describes where one-hour funding fits in. To set the scene for one-hour funding, Vernon says:

Equipment finance vendors and lenders want to make shopping for financing easier for borrowers by providing instant quotes, soft credit pulls, and comparison financing payments. And vendors, brokers and captives are already delivering on A-D financing. Many also have an automated platform for managing all finance activity in one place. But the third marketplace need — one-hour funding — is currently not being addressed. While auto lenders often promise they can “finance a new car in about 45 minutes,” that kind of easy, fast funding simply isn’t available in the equipment financing industry.

We call that “ideal solution” one-hour funding (1HF). Of course, we’ve helped a borrower or two fund a deal in an hour, and we fund deals in a day from time to time; but that’s not what we are talking about here. Some companies refer to 1HF as a “BHAG” (Big Hairy Audacious Goal). Others call it a killer app or the last mile of equipment financing. Whatever you call it, one-hour funding addresses a long list of business needs and forces a paradigm shift.

To read the entirety of Vernon’s article and learn more about one-hour funding, visit: http://www.equipmentfa.com/articles/7105/riding-the-third-wave-with-one-hour-funding

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NickName:

Nick Millon

Title:

Associate Director, Business Development

Office nickname (if applicable):

Millionaire

Where are you from, originally?

Lexington, MA

How did you find LeaseQ?

I was looking to get in the fin tech space, and I came across LeaseQ on Angel List. I applied, got an interview, and the rest is history.

What do you like most about working at LeaseQ?

Hands down the company culture. New ideas are encouraged, and management gives us an opportunity to make an impact, if you’re willing to put in the time.

What’s your dream deal for LeaseQ?

Financing Anna’s Tacqueria eventual expansion.

What apps/tech/tools do you use on a daily basis?

Reddit Mobile, One Football, Spotify, and Instagram are the Mt. Rushmore of apps I use.

Any (other) work or life hacks you’d like to share?

Practice mindfulness at least once a day, it’ll change your life.

Favorite movie ever (independent of IMDB ratings):

Interstellar

Favorite activities when you’re outside the office?

Golfing, Video Games, Hiking

Fill in the Blank: I’d love to see my coworker Brett Rondeau answer these questions.

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This month’s installment of #BehindYourBusiness takes on office spaces and the lighting necessary to create a habitable and productive work space.

A significant amount of equipment goes into an office space, but we’ll start with the lighting system. Lighting systems are a costly expense, not only in upfront purchase price but in installation fees and a long-term maintenance plan. LED lighting is becoming a popular alternative to traditional lighting equipment due to its energy efficiency and cost savings over time, but carries an even steeper price tag.

When looking to secure LED lighting for an office space, companies have the option to purchase equipment outright or use financing methods, such as equipment financing. Equipment financing is a savvy and smart way for companies to secure the LED lighting equipment they need and set themselves up for significant ROI in the future.

Interested in learning more about the benefits of financing LED lighting for anything from an office space to a gas station? Give us a call: (888) 688-4519.

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Automated Buildings editor, Ken Sinclair, published a Q&A with Matt Worth in July discussing equipment financing options for building controls. Matt is the VP & GM at Noesis, a LeaseQ company, where he works with sales leadership at equipment vendors that are adopting financing programs for the first time and assists in incorporating new solutions into their sales processes.

In response to Ken’s question about the role of equipment financing in the commercial building equipment industry, Matt said:

When owners are forced to replace failing building equipment, it is commonly seen as a necessary evil that will consume capital budget that was earmarked for something else.  Equipment financing can alter that calculus. Building owners no longer have to settle for the lowest cost, “like for like” replacement equipment. They can use equipment financing to acquire more expensive but more efficient equipment that will save them money and provide them return on their investment. In that light, equipment replacements are transformed from a dreaded sunk cost to a cash flow generating investment. 

To read the entirety of Matt and Ken’s Q&A and learn more about the benefits of equipment financing for the building industry, please visit: http://automatedbuildings.com/news/jul17/interviews/170627104505worth.html

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Henry NeelsName:

Henry Neels

Title:

Software Engineer

Office nickname (if applicable):

H-Bomb

Where are you from, originally?

Melrose, MA

How did you find LeaseQ?

After doing some contract development work, I came across the opportunity at LeaseQ through a former colleague. I was eager to join as an intern upon hearing about LQ’s marketplace concept, and went full-time shortly thereafter.

What do you like most about working at LeaseQ?

When the product team needs us to add a new feature, the design and implementation process is fast-paced and collaborative. So, I get to touch every aspect of our systems, and contribute to the overall direction of the product.

What’s your dream deal for LeaseQ?

As important as one deal can be, I would like to see us as the first thought in financing for every franchise location and truck dealership in the country.

What apps/tech/tools do you use on a daily basis?

AWS, Ansible, Pro Tools.

Any (other) work or life hacks you’d like to share?

Don’t skip sleep – your brain needs it to function.

Favorite movie ever (independent of IMDB ratings):

Touch of Evil or Crouching Tiger, Hidden Dragon.

Favorite activities when you’re outside the office?

Ping Pong, Project Electronics.

Fill in the Blank: I’d love to see my coworker Nick Millon answer these questions.

 

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This month on #BehindYourBusiness, we focus on an enormously popular craft beverage – the sour beer. Sour brews have gained rapid popularity in recent years due to their impactful complexity, unique taste and edgy flavor combinations. Our borrower, Prestige Brewing, is taking advantage of the sour beer craze with its delicious and award-winning lemon-basil sour beer.

Brewers must have the following equipment to produce beer: kegs, boilers, kettles, cooling systems, fermentation tanks, storage tanks, filters, piping and tubing, cleaning equipment, refrigeration equipment, tap handles and waste treatment systems. To create a sour beer, brewers will require additional fermentation tanks, kettles and tubing to avoid contamination when switching back to brewing traditional brews.

Sour beers may take a bit more preparation, but the results are well worth it. What is the best sour beer you’ve ever tasted? Tell us in the comments! If you’re thinking of opening your own brewery, give us a call to learn how to get the equipment you need.

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